Mol to sell Polish retail network
Wednesday, September 28, 2005, 11:01
The Polish unit of Hungarian Oil and Gas Mol Rt, Slovnaft Polska, has signed a preliminary agreement to sell the group's retail network in Poland to Lotos Paliwa, a member of Lotos Group, Mol announced. The deal includes a network of 12 fuel stations and potentially, the transfer of 10 franchise operated stations located in Southern and Central Poland, representing approximately a 0.5% market share. The transaction is pending competition authority approval and is expected to be closed in the first quarter of 2006. Mol will cease its retail operations in Poland as a result of the transaction as it failed to reach economies of scale, Mol said. Mol will remain, however, active on the Polish wholesale fuel product market, where its share exceeded 4.0% at the end of 2004.